Report, Together with Minutes of Evidence, and Accounts, from the Select Committee on the High Price of Gold Bullion, Volume 10

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Page 50 - Committee a doctrine of the truth of which they professed themselves to be most thoroughly convinced : that there can be no possible excess in the issue of Bank of England paper, so long as the advances in which it is issued are made upon the principles which at present guide the conduct of the Directors ; that is, so long as the discount of mercantile bills is confined to paper of undoubted solidity, arising out of real commercial transactions, and payable at short and fixed periods.
Page 1 - Committee, appointed to inquire into the Cause of the High Price of Gold Bullion, and to take into consideration the State of the Circulating Medium, and of the Exchanges between Great Britain and Foreign Parts.
Page 75 - House as their opinion, that the system of the circulating medium of this country ought to be brought back with as much speed as is compatible with a wise and necessary caution to the original principle of cash payments at the option of the holder of Bank paper.
Page 63 - The effective currency of the Country depends upon the quickness of circulation, and the number of exchanges performed in a given time, as well as upon its numerical amount; and all the circumstances, which have a tendency to quicken or to retard the rate of circulation, render the same amount of currency more or less adequate to the wants of trade.
Page 55 - ... hands are safe, the operation is so far, and in this its first step, useful and productive to the public. But as soon as the portion of circulating medium in which the advance was thus made performs, in the hands of him to whom it was advanced, this its first operation as capital, as soon as the notes...
Page 37 - I am so much of the same opinion that I never think it necessary to advert to the price of gold, or the state of the exchange, on the days on which we make our advances.
Page 50 - ... and that the Bank of England cannot safely regulate the amount of its issues, without having reference to the criterion presented by these two circumstances. And upon a review of all the facts and reasonings which have already been stated, your Committee are further of opinion, that, although the commercial state of this country, and the political state of the continent, may have had some influence on the high price of gold bullion and the unfavourable course of exchange with foreign countries,...
Page 18 - In this manner, a general rise of all prices, a rise in the market price of Gold, and a fall of the Foreign Exchanges, will be the effect of an excessive quantity of circulating medium in a country which has adopted a currency not exportable to other countries, or not convertible at will into a Coin which is exportable.
Page 12 - ... be conformed and with which it should be identified as much as possible. And if that intention of the Legislature were completely fulfilled, the coined Gold would bear precisely the same price in exchange for all other commodities, as it would have borne had it continued in the shape of Bullion ; but it is subject to some small fluctuations. First, there is some expense incurred in converting Bullion into coin. They who send Bullion to be coined, and it is allowed to any one to send it, though...
Page 73 - For upon a general view of the subject, your committee are of opinion that no safe, certain, and constantly adequate provision against an excess of paper currency, either occasional or permanent, can be found, except in the convertibility of all such paper into specie. Your committee cannot, therefore, but see reason to regret, that the suspension of cash payments which, in the most favourable light in which it can be viewed, was only a temporary measure, has been continued so long...

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